Home Buying & Rentals

Read the very best advice on how to save money on your housing expenses. Whether buying, refinancing, or renting your living space find great tips for cutting costs and getting more for your money. Search for the best mortgage rates, take advantage of the latest government programs and tax credits, and learn the most effective negotiation strategies.

TIPS

Do the math on whether to rent or buyA wise investment won't break your bank account. Compare the cost of renting versus the cost of buying a house with 20% down and a 30-year fixed-rate mortgage. If the total monthly cost of the mortgage, property taxes and insurance is less than the [...]

Do a free search for smart buys on foreclosed housesAlthough it's sad for the original owners, now is the time to find a bargain on a previously foreclosed house. Skip the websites that charge fees to see their foreclosure listings. Instead, try the foreclosure searches on Zillow or Trulia. Get free [...]

Go for "almost new" instead of brand newEven though a builder might offer outrageous incentives if you agree to build a new home, it could cost tens of thousands of dollars more in mortgage costs. A smart buy is in the resale market, where many homes for sale are almost brand new, and [...]

Find bargains in awkward layouts, not fixer-uppersTraditional wisdom held that a fixer-upper (i.e., a house that needs obvious remodeling work to fix issues) could be a great bargain for someone who knows a thing or two about managing a construction project. In fact, with lots of investors buying [...]

Buy direct to save $$, but with risksIf a house has a "for sale by owner" sign, it could mean a bargain. Most likely, real estate agents are not yet involved, which means both parties can save on commission costs which can normally add up to 5-6% to the cost. Check newspapers and [...]

Find bigger savings when buying a smaller homeFirst, the sticker price of a small home will generally be much lower than a larger home. Second, smaller homes are cheaper to maintain in terms of electricity costs, property taxes and homeowner's insurance. Third, with less area to clean, you'll [...]

Do a thorough walk-through before buyingPlumbing and electrical systems can be costly to fix. Take your time going through the house before the final purchase, with the help of a licensed home inspector who will find things you might not have even known how to look for. Make sure there [...]

Grab a bargain on a rental property in the off-seasonNot too concerned about where to live? Try a ski resort town in the summer, or a beach resort town in the winter. These towns thrive on holiday business, which dries up in the off-season. A property owner might be thrilled to have renters in the [...]

Sublet in college towns during the summerThousands of college students around the country vacate their apartments and go home in summer - why not sublet from them? A lot of people are willing to offer discounted rent, or will include utilities in the price, because they are happy to get [...]

Shorter mortgages can cost you 30% less on your homeShorter term mortgages, such as 15 years instead of a 30-year mortgage, usually offer lower interest rates so ultimately you will pay less for your house. The downside is that your monthly payments are higher, you just make fewer of them. This is [...]

Consider paying more now, less laterIf you can afford a larger down payment than the 5-20% that most lenders will require, ask your lender to calculate what your monthly and total payments will be if you put more down up front. Consider what else you could do with that money, such as [...]

Negotiate your closing costsSome closing costs - such as taxes, title and prepayment of mortgage premiums - are unavoidable and non-negotiable. However many costs are applied by your lender and can vary greatly - such as application fees and document fees. Compare costs and [...]